I co-signed my brother's student loans over a decade ago — but he's suddenly stopped paying them. What can I do?

Nearly half of Americans rely on older generations for financial assistance, according to a recent report. Young people face higher living costs due to inflation, making it challenging to become financially independent. A significant portion of private student loans are co-signed by family members, often without full understanding of the risks involved.

Co-signers face severe consequences when borrowers default on loan payments, which can include credit damage, legal action, and wage garnishment. Co-signers lack protection options and are held liable even if they didn't use the funds. While some states may allow co-signers to sue the original borrower, this often comes with additional costs.

To avoid these risks, it's crucial to carefully consider the financial implications and stability of the borrower before co-signing on any loan.